2015 (3) TMI 59

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....rejecting books of accounts and applying a higher GP than shown by assessee despite the fact that AO rejected books after ascertaining that the assessee's balance sheet showed transactions with five parties who had denied business transactions with the assessee. 2. Whether on the facts and circumstances of the case, the Ld. CIT(A) was justified in deleting the addition of Rs. 22,85,157/- made by the Assessing Officer by accepting the debtors as genuine whereas during the assessment proceedings all the debtors were proved to be non genuine having no business with the assessee. 3. Whether on the facts and circumstances of the case, the Ld. CIT(A) was justified in accepting the assessee stand regarding genuineness of transactions when the pa....

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....vide order dated 10.1.2011. 5. Against the above order the Revenue is in appeal before us. 6. We have heard both the counsel and perused the relevant records, orders of the revenue authorities and written submissions filed by the assessee through Paper Book wherein he has stated that Ld. CIT(A) vide para 3.7 clarifies that in this Remand Report the Ld. AO has accepted that account was confirmed by four parties and transaction with all the five parties stated in Assessment Order were duly reflected in Bank Account of the assessee. He further submitted that those parties were customer of the assessee, there was no outstanding balance receivable from them at the close of the year. Transaction with them was only to tune of Rs. 4,03,319/- as a....

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....ssessee was also not able to furnish confirmation. However, the transactions of all the debtors are duly reflected in the Bank account of the assessee. Keeping in view the above facts, admission of additional evidence may kindly be decided on merits." From the above, we find that Ld. CIT(A) clarified that the AO in his Remand Report has accepted that account was confirmed by four parties and transaction with all the five parties stated in assessment order were duly reflected in the bank account of the assessee. 6.2 We also find that Ld. CIT(A) has observed that during the year under consideration and the immediately preceding year the assessee was a distributor of Idea Rechargeables and Handsets. During the year under consideration, there....